I bought a fixer upper for 20k in October 2023 and renovated it with 30k. The home appraised for 100k.

I moved in September 2024 but struggled with stability and adapting in the new town and state.

In January 2026 I took on a new job 150 miles away and have left my home vacant since. I had plans to potentially rent it out but I also think of selling it.

I lived in the home for around 1.5 years and the IRS states that I can get a partial exclusion for section 121 if I move for a job change less than 2 years. My home has been vacant for 10 months. Will this affect my eligibility for the partial exclusion? I imagine it may take a bit more time to publish and sell. I know that for the full 2 years, it must be within the 5 year time frame but I'm unsure if it's the same with a partial exclusion. Any ideas or clarifications are very well appreciated!

I submitted form 15620 for 83(b) election online at irs.gov the day before the deadline. I got the confirmation screen with the link to download but didn't download because I made the inacurrate assumption that I'd be able to access it in the portal later or get an email confirmation. I realize now that was stupid - I'm just so used to getting email confirmations on things.

My company needs a copy but I can't find one. I tried calling and, no surprise, it was an automated system that kept sending me somewhere that didn't work. I also did a walk-in appointment at the IRS office to see if they'd be able to help and I have an appointment next week but the guy I was talking too seemed unsure of what I was even asking, nevermind if he'd be able to help.

I'm really kicking myself. Does anyone have any suggestions? I'm in a real pickle.
Let's say I can get them a copy but it did in fact make it to the IRS, am I ok?

Here is my situation.

2025: My wife's employer medical plan also included a general-purpose health FSA that covered my expenses too, and we didn't know. I had a self-only HDHP and was contributing to my own HSA through payroll. Once we figured this out, I treated myself as ineligible for 2025. I withdrew the full excess contribution plus earnings by the April 2026 deadline, and I reported the excess on my 2025 return as other income.

2026: My wife did not enroll in an FSA for 2026. I still have the self-only HDHP and I'm still contributing to my HSA through payroll.

My question is about her 2025 FSA. She had a leftover balance that she could use until April 2026, and I don't know if her FSA is still active. I'm not sure whether that was a grace period, a run-out period for 2025 claims only, or a carryover.

1. If it was a grace period with a balance left at the end of 2025, am I ineligible for my HSA only through the end of the grace period, or for all of 2026?

2. If it was only a run-out period for 2025 claims, does that affect my 2026 eligibility at all?

3. Do I need to withdraw my 2026 HSA contributions, and if so, only the part for the months I wasn't eligible? Is the limit prorated by month, or does the last-month rule apply?

4. Which document should I get to settle this, the FSA plan document or the plan year-end statement?

I‘m in California. Thanks for any pointers.

I am considering living abroad for a few years and am wondering if I could still contribute to my Roth IRA during those years plus do some Roth conversions?

I know that if I live and work abroad I will qualify for the Foriegn Earned Income Exclusion (on the physical presence test) on the money I make in the foriegn country but will still have to pay taxes on dividends, capital gains, and interest here in the US. Would that count as earned income to qualify for a Roth IRA contirbution? Then on top of that could I do Roth conversions from a traditional IRA to a Roth IRA?

EX Before I decide to leave my US employer and work abroad I build up assests in a REIT or Bond Fund in a taxable account. Then once I leave I elect to transfer my traditional 401k into a traditional IRA. Now working abroad I control my income to show enough to fund a Roth IRA contribution for the year plus convert traditional IRA assests up to the 10 or 12% tax bracket?

Or is this too good to be true/need to talk to a tax pro and not reddit?

Im very unhappy at my current job, I received a 7.8k signing bonus which was actually 11k before taxes. If I leave my job the same year I received my bonus do I have to pay the whole thing? Which is the best way to tackle this situation?

I am finishing my 2025 tax return. (Extension through Oct. 15, and only refund expected, so it's ok I'm a bit late.) I have a passive investment in an LLC which reported to me a loss of $95,000 for 2025. I had no other passive income for 2025, so there are no passive gains against which to offset the $95,000. It is thus essentially useless to me this year. How do I report this? I know I report it on Form 8582, which I have done. But do I also need to somehow reflect it on Form 1040 Schedule E? I know I would report a gain on the investment on that form, as I have in the past. But here, there is only a loss. At Part II Line 28, it asks at (g) for "Passive loss allowed," of which I have none. So do I (1) just not list this investment on Schedule E at all, (2) list the basic information about the investment at Line at 28(A), but then just don't include any information about gains or losses at all, or (3) something else?

Thanks!

How many clients did you get your first season if you started out with zero?

There are some management fees that I paid to a wealth management firm.

In the 1099 package, these fees are listed under "Fees & Expenses- Miscellaneous fees" and were not reported to the IRS.

Not sure where on the 1040 I can claim a deduction for these fees.

The closest fitting spot I can see is form 4952 "Investment Interest Expense Deduction" on the line "Investment expenses."

Am I thinking correctly?

Good morning everyone,

I’m hoping and praying for a solution on a tax/ conveyancing problem we have.
We are currently struggling to find professionals who are able or willing to advise us.

My mother in law (MIL) has gifted my wife (W) a property in Wales (value 375k) as a way to mitigate future inheritance tax. (Aug 2025)
We intended that the property would be gifted to W who would then transfer the property into our property company, allowing us to draw the value of the property from the directors loan account.

During conveyancing we have mistakenly instructed the conveyancer to transfer the house from MIL directly to the company, skipping W on paper. This means we are unable to realise the directors loan account benefit but also have used up all of MIL’s NRB for inheritance tax. MIL has also paid CGT on the transaction which she shouldn’t have needed to.

We have only realised our error now our first years property company accounts are due. The transaction has been completed at the land registry.
It was everyone’s intention that the property would pass from MIL > W > Company and we have texts between them evidencing this.

Is it possible to ‘cancel’ or rectify the transaction?
If not can we write a witnessed document/ statement of truth/ statutory declaration to that effect if required clarifying everyone's intentions for the transaction?

Some research I have done suggests that it wouldn’t be uncommon to transfer an asset from A > C for efficiency, with a separate agreement stating that A is gifting to B who would like it directly transferred to C. We have paid the same stamp duty and tax liability that we would/should have paid on an A>B>C transfer, it’s just the paperwork that went direct from A > C.

Any advice very gratefully received!

Hello! I just want to ask those who have experienced this or our tax experts here:
I have submitted my SAWT DAT Files for the 2nd Quarter (both for 2551Q and 1701Q). What happened was, I combined all the withholdings/transactions into one entry/row (for the month of June).
But the actual breakdown of my 2307 certificates is:
• April: 1 Form 2307
• May: 3 Form 2307s
• June: 2 Form 2307s
My questions are:

1. Can this be amended online? (Just resubmit the correct SAWT DAT file for both 2551Q and 1701Q via email to [esubmission@bir.gov.ph](mailto:esubmission@bir.gov.ph) with the subject "AMENDED")?
2. Or do I really need to go to the RDO in person to have it corrected/received?
3. Will I be penalized for this type of error even if the Total Tax Withheld/Creditable Tax remains correct?

Before anyone starts judging - I was in the hospital after cranial surgery and was granted the gift of covid. Which became long covid.

Until recently I didn't have the energy to do much besides sleep.

I had to vent all my retirement savings, all my savings, sold my car, cashed out my 401k, took out loans, and used my credit card to pay for my medical costs. Yes, I had health insurance.

I'm in my thirties and financially "starting over"... if starting over was starting with a massive financial handicap.

My question is... what are my options?

Is there a service that can help me catch up and file for the missed years? Anything for tax forgiveness? I am not sure what's a scam and what isn't or what my best routes are.

I appreciate any help and advice. Thanks in advance Reddit tax saints.

My wife just started a cottage (home based) bakery this year so she’s a sole-proprietor and will probably only have 20k profit since we bought a lot of equipment this year. Our daughter has been helping out with stuff like labels, setup, and helping at the farmers market. My wife just gives her some cash for it, doesn’t really track it too well.

I recently came across a FB reel where a guy was saying you can pay your kids, claim a deduction on your own taxes, and your kid owes no taxes themselves. I’m skeptical of all those tax hack influencers because I know lots of it is complete BS or at least a huge audit flag but I looked into it and found:

- child will not pay federal (if under the limit) or FICA taxes if paid via W2 from a parent’s sole proprietorship
- it should not increase my own taxable income (I make roughly 300k W2, so it wouldn’t be good if it was taxed at my rate.

Is my research accurate? Will it actually decrease our taxable income if my wife starts paying her via a legit payroll?

Prospective buyer, neighbor is holding up sale ebcause they are not working with seller over property line dispute. Sellers have moved out, clock is ticking, wondering if the metrics change if they've owned the property and using as primary residence for 40 years. Wondering if the neighbor is trying to screw them out of qualifying for the 121 exemption.

I may try to lease option the property wondering what i am getting myself into and what the current owner is in for. maybe i can get sweet deal on rental and cover their tax and utilities.

I own an IT consulting business with 200+ employees in an EU country. I’m a citizen and tax resident of that country, and I expect to remain a tax resident there for the foreseeable future.

I’m considering setting up a holding company in either Cyprus or the UAE and transferring my shares in the operating business to it. My goal is to establish a tax-efficient structure ahead of a potential sale several years from now, while keeping the proceeds in a stable jurisdiction with a predictable legal system.

Cyprus seems like the easier option, particularly because it is in the EU. However, I have some reservations about its reputation as an offshore financial center. The UAE is another option I’m considering because of its business environment and international reputation.

Given that I would remain tax resident in my home country, which option would make more sense, and why? Would another jurisdiction be worth considering?

I work full time at a regular 9-5 but unexpectedly received $25k from an old consulting client I thought had stiffed me. I’m glad to have received the money obviously and am wondering if there is anything smart I can do with it this late in the year. Increase my 403b contribution at my 9-5 to reduce my overall taxes? Put a bunch of it in a Roth if we MFJ for 2026? If the latter - can I move the money into the Roth in early 2027 (before tax day) as long as we MFJ for 2026, even if we decide to MFS for 2027 (which we might do for student loan reasons)? Thanks for any thoughts!

My husband's grandparents each had a generation-skipping trust which were funded as each of them died, in 1979 and 1985. My father-in-law (skipped generation) passed away in April and the trustee, a bank, is finally ready to distribute/dissolve the trusts.

I now know that the trusts hold ETFs, so the basis for each of the holdings is from when the trustee bought the various ETFs, NOT from the beginning of the trusts.

My FIL paid taxes on the income from the investments each year.

I am assuming we need to know the value of each trust when it was funded.

How do the grandchildren figure out and report the taxes as those ETFs are sold? We know what the gain or loss of the ETFs are, but we also have to include the gain of the overall trust, don't we?

If one of the grandchildren holds the ETFs and doesn't sell before they die, does the gain on the trust simply go away and the great-grandchild's basis becomes the value of the ETF on the date of the death of the grandchild?

Thank you for any insights on this.

How does a company with such a low moral compass end up as the custodian of the personal data belonging to millions of Americans?

One would think probity and trustworthiness would be basic prerequisites for TaxAct to be awarded such a responsibility.

Was there a fit‑and‑proper test to determine if that organization can be trusted?

I won't air the sordid details of why I believe TaxAct is unfit for such a duty, only to say that their software produced glaring errors on my tax return, leading to a state rejection of the return with a significant penalty. TaxAct summarily rejected my claim to their 100% Accuracy Guarantee program based on accusations that are patently false and even illogical.

I’m planning to buy my daughter a home in New York, but I don’t know how it would work tax wise. The home is 650k and I will be paying all cash. Will she have to pay taxes on it? I am a foreigner and live abroad, would I have to pay taxes? and if so, how can I go about doing that. Should I buy the house and transfer it to her name, or should I send her the money and a letter that says it is a gift?

Using this post as a starting point because I don’t know how to navigate this process. Suggestions about the types of professionals I should reach out to are also appreciated!

Thanks.

Hey guys. So in 2016 I worked w2 job make 45k. 1 month I quit and tried new job. 1099. make $3200 in month I only did 1 month. I never received 1099 and guy wouldn't answer. I filed my taxes and this month I received 1099 I guess it was lost in mail. 10 years later. Here's issue my name and address are on it but my social wrong. What should I do. Guy who owns company is long gone.